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$4B American Dream Miami project approved; AllianceBernstein selects HQ


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$4B American Dream Miami project approved; AllianceBernstein selects HQ

Commercial real estate

* The Miami-Dade County Commission voted to approve Triple Five Group's American Dream Miami, which will be the largest mall in North America with amusement park rides and the first indoor ski slope on the continent, the South Florida Business Journal reported. The project will have 6.2 million square feet of retail and entertainment space and 2,000 hotel rooms on 194.5 acres of land at the intersection of Florida's Turnpike and Interstate 75.

The commission also voted to bar the project from receiving taxpayer funding from the county, although Triple Five can still seek state or federal subsidies. Mall landlords Simon Property Group Inc., GGP Inc. and Taubman Centers Inc. had formed the South Florida Taxpayer Alliance to oppose taxpayer funding for American Dream Miami.

Diaz de la Portilla, the developer's attorney, said the total project cost is expected to exceed $4 billion, the report noted.

* AllianceBernstein LP has selected the Fifth + Broadway development in Nashville for its corporate headquarters relocation from New York City amid cost-cutting pressures, the Nashville Business Journal reported, adding that multiple sources said the company has not yet signed a lease. The 26-story office tower spans 385,000 square feet, with an opening planned for 2020.

The development was acquired by Brookfield Asset Management Inc. subsidiary Brookfield Residential Properties Inc. in February as part of its acquisition of OliverMcMillan's assets. AllianceBernstein is a shareholder in Brookfield Asset Management, the publication added.

* Nonprofit health organization The March of Dimes is relocating its headquarters to JBG SMITH Properties' 1550 Crystal Drive in the Crystal City neighborhood of Arlington, Va., from White Plains, N.Y., the Washington Business Journal reported. The organization has leased 28,000 square feet at the property, with a move slated for January 2019.

* According to the Washington Business Journal, JBG Smith's new joint venture to preserve or construct affordable housing in the Washington, D.C., region is an indication of the company's efforts to dispel concerns that house prices in the area would soar if Inc. picks the region for its second headquarters.

According to the report, JBG Smith's Crystal City holdings are "widely believed" to be among the top contenders for the $5 billion Amazon headquarters.

* Samuels & Associates Inc. is planning a $350 million development project at the end of Boylston and Newbury streets in Boston that would include a 237-foot-tall office tower and a 150-foot-tall residential or hotel building, along with 70,000 square feet of restaurant and retail space, the Boston Business Journal reported. The office tower at the Parcel 12 site will offer 325,000 square feet.

* A joint venture between Seritage Growth Properties and Tucker Development Corp. to redevelop the last two Sears department stores operating in Chicago into mixed-use properties with retail and residential space, The Real Deal reported. The companies said both projects are still in design stages, the report added, citing the companies.

* Sports brand Puma has leased 24,000 square feet of retail space at SL Green Realty Corp.'s 609 Fifth Ave. in Manhattan, N.Y., which is undergoing a redevelopment, the landlord said. Puma will have a three-level retail store at the location, which would be its only store in Manhattan, where it once had three stores before shutting them down, The Real Deal reported.

* The $1.3 billion Winthrop Square project proposed by Millennium Partners received unanimous approval from the Boston Planning and Development Agency, the Boston Business Journal reported. The two-tower development will have a 690-foot-tall office tower and a 579-foot-tall residential tower, both atop a 65-foot Great Hall and connected by glass walkways. The 1.56 million-square-foot project will have 750,000 square feet of office space, 500 residential units and 550 underground parking spaces.

The development still requires approval from the city's zoning commission and the Massachusetts Historical Commission.

* Tavistock Development Co. LLC's TDCP LLC acquired roughly 1,147 acres south of Orlando International Airport for $63.9 million from the Greater Orlando Aviation Authority and the city of Orlando, Fla., the Orlando Business Journal reported, citing Orange County records.

Tavistock spokeswoman Jessi Blakley told the Orlando Business Journal that the company will use the acreage to develop part of a mixed-use project called Poitras, which will have 2,973 homes, 100,000 square feet of commercial space and a 25-acre school. Tavistock is also developing the Lake Nona mixed-use planned community in Orlando.

* Job-placement website Indeed Inc. has leased the top 10 floors of the 36-story Block 71 office tower under construction in downtown Austin, Texas, the Austin Business Journal reported. The 709,000-square-foot project at 200 W. Sixth St., slated to be the tallest tower in Austin as well as the city's largest office tower, is being developed by Trammell Crow Co. and joint venture partner Principal Real Estate Investors.

* Developer Hing Tat Chan is planning a 52-story condominium tower at the corner of 11th and Hill streets in Los Angeles' South Park using floor-area rights from the Los Angeles Convention Center, The Real Deal reported, citing a filing with the Department of City Planning. The developer owns the site through South Hill Holdings LLC and has requested a transfer of almost 400,000 square feet from the convention center to the site.

The 564,000-square-foot tower will have 528 condo units and ground-floor retail space. The site has a single-story manufacturing plant. The convention center is also set to undergo a $1.2 billion expansion to add an 850-room hotel and 350,000 square feet of additional convention space, among other things, the report noted.

* Novus Cos. is planning a roughly $200 million development on the University City, Mo., side of Interstate 70, the St. Louis Business Journal reported. Keat Properties is also proposing a $37 million project on the Olivette side of I-170. The report noted that the two developments could transform the area from strip malls and rundown apartment buildings to provide new retail, office and apartment space.

Novus' plans include roughly 358,000 square feet of retail, with an anchor tenant secured for 158,000 square feet, 240,000 square feet of apartments and 20,000 square feet of Class A office space. Construction is expected to commence in 2019.

* Rep. C.A. Dutch Ruppersberger, D-Md., has called on the Trump administration to revive plans for a new FBI headquarters in suburban Maryland or Northern Virginia, marking a public revival of the issue, the Washington Business Journal reported. The search for a new FBI headquarters was scrapped in summer 2017.

Ruppersberger, who made the proposal as an amendment to a fiscal 2019 appropriations bill, withdrew the legislation soon after, making the gesture symbolic. The report noted that the lawmaker has been working behind the scenes with others for moving the FBI out of Washington, D.C., to a new site elsewhere.

* Slack Technologies Inc. is planning to open an office in the Denver metro area later in 2018, the Denver Business Journal reported, citing a Slack spokesperson. The company is being offered more than $10.5 million in tax incentives from the Colorado Economic Development Commission to place its second headquarters in the metro Denver area, and the spokesperson declined to answer questions on how the new office might relate to a second headquarters, the report noted.


* The highest mortgage rates in seven years are causing a "scramble to buy homes" with homes sold in April going into contract after a median of just 36 days on the market, the fastest rate since 2010, Bloomberg News reported, citing Redfin Corp.

The average rate for a 30-year fixed mortgage increased to 4.61% from 4.55% in the previous week to mark the highest level since May 2011, the news outlet noted, citing Freddie Mac.

According to Redfin, home prices jumped 7.6% year over year in April to a median of $302,000.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng increased 0.34% to 31,047.91, and the Nikkei 225 increased 0.40% to 22,930.36.

In Europe, around midday, the FTSE 100 was down 0.17% at 7,775.10, while the Euronext 100 was up 0.10% at 1,084.48.

On the macro front

The Baker-Hughes Rig Count report is due out today.

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